Leaders of the five BRICS nations agreed on the structure of a $50 billion development bank by granting China its headquarters and India its first rotating presidency. Brazil, Russia and South Africa were given posts or units in the new bank.
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Latin America’s largest bank is clashing with traders and economists by predicting the economic slowdown in Brazil will prevent its central bank from raising interest rates through next year.
Brazil’s sluggish economy faces substantial risk of falling into a light recession in 2014, and may already have done so, providing opposition candidates with extra ammunition in the run-up to October’s presidential election.
Now that the FIFA World Cup is over in Brazil, it’s back to business in South America’s largest nation. And in the northeastern city of Fortaleza, leaders from Brazil, Russia, India, China and South Africa made more declarations about how they will become a winning team.
The report, sponsored by Penske Logistics and the Council of Supply Chain Management Professionals, and compiled by analyst Rosalyn Wilson, predicts 2014 will be “the best year in the past eight for freight transportation providers,” according to an article in Logistics Management magazine.
In recent years, while Europe has been struggling with the impact of an economic downturn, the economies of Latin America have bucked global trends and exceeded expectations.
Pensacola Mayor Ashton Hayward today announced that a major manufacturing facility will be built at the City-owned Port of Pensacola, creating up to 200 new jobs. A lease agreement approved by the City Council in March and executed in May between the City and Port customer Offshore Inland Marine & Oilfield Services (OIMO) paved the way for the project.
China dominates trade relations among the BRICS, according to Brazil’s Ministry of Development, Industry, and Foreign Trade. In 2013, the value of China-Brazil trade was more than nine times larger than Brazilian trade with India—the Latin American country’s second largest partner within the group.
While lawmakers are scrambling to find a way to replenish the Department of Transportation’s Highway Trust Fund, Rep. Janice Hahn (D-Calif.) is moving to create a separate pot of money just for freight shipments.
House Ways and Means Trade Subcommittee Chairman Devin Nunes (R-CA) today announced that the Subcommittee will hold a hearing on the U.S. trade agenda and the World Trade Organization with Deputy U.S. Trade Representative Michael Punke. The hearing will take place on Wednesday, July 16, 2014, in 1100 Longworth House Office Building, beginning at 10:00 A.M.